PARIS – Pakistan has until February to improve its counter-terror financing operations in line with an internationally agreed action plan, or face action against it,Global terror financing watchdog Financial Action Task Force (FATF) said on Friday.
The Paris-based FATF, which tackles money laundering, said it was concerned that Pakistan had failed to complete the action plan first by a January deadline, then a May deadline and now October.
“The FATF strongly urges Pakistan to swiftly complete its full action plan by February 2020,” it said in a statement.
“Otherwise, should significant and sustainable progress not be made across the full range of its action plan by the next Plenary, the FATF will take action.”
“Pakistan needs to do more and it needs to do it faster,” FATF president Xiangmin Liu told reporters in Paris.
The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Pakistan was placed on the Grey List by the FATF in June last year and was given a plan of action to complete it by October 2019, or face the risk of being placed on the black list with Iran and North Korea.